Key Moments
- U.S. equity futures slipped after the Supreme Court ruled against President Trump’s emergency tariff powers and he raised the universal import levy to 15%.
- Nvidia (NASDAQ: NVDA) will report fiscal Q4 results on Wednesday, with forecasts of $1.52 EPS on $65.56 billion revenue.
- Crude prices fell after a near 6% weekly gain, as traders weighed prospects for a third round of U.S.-Iran nuclear talks and renewed U.S. trade uncertainty.
Futures Edge Lower After Supreme Court Ruling
U.S. stock index futures moved lower on Monday. Investors assessed the Supreme Court decision against Trump’s emergency tariff powers while positioning ahead of Nvidia’s earnings report.
At 05:50 ET (10:50 GMT), Dow Jones Futures dropped 110 points (-0.2%), S&P 500 Futures fell 16 points (-0.2%), and Nasdaq 100 Futures declined 100 points (-0.4%).
Major U.S. benchmarks had risen late last week, driven by anticipation of the Supreme Court ruling and relief that the U.S. had not launched military strikes against Iran.
Trump Moves to 15% Universal Tariff
Over the weekend, Trump said he would raise the temporary universal import tariff to 15%, from the initial 10%. This followed the Supreme Court ruling that he exceeded his authority under an economic emergency to impose broad trade tariffs.
Trump called the judgment a “disgrace” and invoked a section of the 1974 Trade Act to implement the 15% global tariffs for up to 150 days. He said the move aims to quickly address “international payment problems.”
Lale Akoner, global market analyst at eToro, said: “The Supreme Court’s decision removes one legal channel but does not end the tariff regime. Markets were already pricing a restructuring: removal of IEEPA tariffs and a shift to a formal 15% framework. This ruling accelerates the transition rather than stopping it.”
She added: “The near-term risk is uncertainty. Shifting legal foundations may temporarily slow activity. Yet, a more predictable tariff structure could ultimately benefit equities.”
Several large trading partners are now seeking either renegotiation or clearer guidance on the tariff framework after last year’s agreements.
The European Commission, representing the EU’s 27 member states, requested that the U.S. adhere to its 2025 trade deal terms. It also called on Washington to provide “full clarity” on tariff policies in light of the Supreme Court decision.
Fed Commentary and Economic Data
Investors are also watching Federal Reserve Governor Christopher Waller’s Monday speech in Washington. He is expected to address the U.S. economic outlook.
Waller was one of two policymakers dissenting from the Fed’s January decision to keep rates steady at 3.5%-3.75%.
Markets are also focused on durable goods and factory orders, scheduled for release later in the session.
Nvidia Earnings: Key AI Gauge
Attention this week centers on Nvidia’s fiscal Q4 results. The company is a leading AI hardware provider, and its performance offers insight into AI-driven demand trends.
Investing.com forecasts EPS of $1.52 on $65.56 billion revenue, compared to $0.89 EPS and $39.33 billion revenue a year ago.
The report arrives amid debate over AI’s long-term impact. Software and logistics shares have recently faced pressure over AI disruption concerns, which have extended to broader equities.
| Nvidia Fiscal Q4 Metrics | Current Forecast | Year-Ago Result |
|---|---|---|
| Earnings per share (EPS) | $1.52 | $0.89 |
| Revenue | $65.56 billion | $39.33 billion |
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